Dow Futures falls 50 points , U.S. market news Sep-08

Dow Futures contract was down 50 points, or 0.1%, at 06:30 ET (10:30 GMT), the S&P 500 Futures contract was down 5 points, or 0.1%, and the Nasdaq 100 Futures contract was down 20 points, or 0.1%.

USA Market news

1. Apple shares remain steady in the premarket, and the Fed’s rate path is in the spotlight – what’s driving the market? 
2. Dow futures fall; Apple and the IT sector are in the spotlight 
3. Goldman Sachs is planning another round of layoffs for  underperformers, according to the Financial Times. 
4. Kroger earnings, wholesale inventories, and consumer credit: three things to keep an eye on 
5. By the end of the year, the US Treasury will release more renewable energy tax credit guidelines. 
6. The dollar is falling, but it is still on track for its ninth consecutive positive week. 
7. Apple suppliers are suffering as a result of China-related concerns and increased competition from Huawei. 
8. Rogers Communications of Canada will sell $2.2 billion in bonds to settle debt. 
9. Stocks in the United States are tumbling as investors remain concerned about rising interest rates. 
10. EIA reports that crude oil stocks in the United States have decreased by 6.3 million barrels, but gasoline and distillates have increased. 
11. Apple, Chargepoint, C3ai, and other midday movers 
12. US jobless claims have dropped to their lowest level since February, but productivity has reached its highest level in years. 
13. In UAW contract negotiations, GM offers a 10% wage increase. 
14. Walmart reduces beginning salaries for some new recruits – WSJ 
15. BlackBerry falls 12% as preliminary Q2 data are released. 
16. Despite a new production issue, Boeing will fulfill its 737 delivery target – CFO 
17. ChargePoint falls on earnings miss, but Citi thinks resetting expectations might enhance risk/reward beyond 2024. 
18. Reinsurance prices will climb in 2024 and then fall in 2025, according to a Fitch analyst. 
19. The Ivey PMI in Canada indicates that activity increased in August. 

GLOBAL NEWS 

1. Japan reduces Q2 GDP due to weak expenditure and wage declines. 
2. Ares Management-led fundraising raises $550 million for Virgin Voyages. 
3. As outflow pressure mounts, the yuan finishes the domestic session at its worst since 2007. 
4. Pinault, a French billionaire, has signed a deal with the Hollywood agency CAA. 
5. US, Saudi Arabia, India discuss possible rail, port deal -sources 
6. German economy expected to contract by 0.4% in 2023 – DIW 
7. Kroger earnings, wholesale inventories, and consumer credit: three things to keep an eye on 
8. By the end of the year, the US Treasury will release more renewable energy tax credit guidelines. 
9. In August, China’s car sales resumed rising, and Tesla nearly doubled its EV market share. 
10. Strikes have begun at major Chevron Australia LNG plants, with no discussions scheduled. 
11. As the contest heats up, China’s Ant Group introduces a finance AI model. 
12. China’s expanding iPhone tariffs are causing havoc in the US IT sector. 
13. Industrial production in France rose 0.8% in July, beating forecasts 
14. Asia-Pacific markets experienced mixed results on Friday as Japan released revised second quarter GDP figures. 
15. Asian stocks fall as a result of disappointing Japanese data, while U.S.-China tensions affect technology. 
16. The Hong Kong Stock Exchange has delayed operations due to heavy rain and floods. 
17. Huawei releases the Mate 60 Pro+ smartphone for pre-order in China. 
18. Rogers Communications of Canada will sell $2.2 billion in bonds to settle debt. 
19. Apple suppliers are suffering as a result of China-related concerns and increased competition from Huawei. 
20. Round Hill Music will be purchased by Alchemy Copyrights for around $469 million. 
21. Thailand’s GDP may increase by 2.8% this year as a result of the new government, according to the deputy finance minister. 
22. French inflation will fall as food inflation eases –INSEE 

Economic Data

· Weekly Jobless Claims fell to 216K from 229K in the prior week and below 234K estimate; the 4-wek moving average fell to 229,250 from 237,750 prior week and continued claims fell to 1.679M from 1.719M prior and vs. est. 1.715M; Insured Unemployment Rate fell to 1.1%.
· U.S. Q2 non-farm productivity revised to +3.5% vs. est. +3.4% and prior +3.7% as Q2 non-farm unit labor costs revised to +2.2% from 1.6% and above consensus +1.9%.
· The FDIC reported U.S. bank profits decline -11.3% to $70.8B in Q2, but roughly flat after excluding effects of recent failed bank acquisitions. Said U.S. bank profits up 5.7% over year prior after accounting for failed bank acquisitions and unrealized losses on securities rose 8.3% in Q2 2023 to $558B. U.S. bank deposits declined for fifth straight quarter, falling 0.5% in Q2.

Global Economic Data

·     Dallas Fed President Lorie Logan on Thursday said that if the Fed skips a rate hike at its meeting in two weeks, it doesn’t imply they will stop hiking for good. The Fed skipped a rate increase at its June meeting before raising its benchmark interest rate by 25 basis points to a range of 5.25%-5.5% at its last meeting in July. Logan said another skip “could be appropriate.” “But skipping does not imply stopping,” she added.

·     Chicago Fed President Austan Goolsbee on Thursday suggested the Fed is almost done raising interest rates. “We are very rapidly approaching the time when our argument is not going to be about how high should the rates go,” Goolsbee said. “It’s going to be an argument of how long we need to keep the rates at this position before we’re sure that we’re on the path back to the target” of 2% inflation.

·     China’s vehicle sales rose in August as Beijing’s measures to boost auto consumption took effect as retail sales of passenger cars rose 2.5% to 1.92 million vehicles last month, the China Passenger Car Association said Friday. Sales in August rose 8.6% from the previous month.

Economic Calendar

·     10:00 AM ET                Wholesale Inventories M/M for July

·     1:00 PM ET                   Baker Hughes Weekly rig count data

·     3:00 PM ET                   Consumer Credit for July

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